Elon Musk’s favourite cryptocurrency, Dogecoin (DOGE) can also be turning into a good alternative for customers concerned in illicit actions. Elliptic Connect has noticed incidents over the globe the place DOGE token has been concerned in lots of thefts, scams and Ponzi schemes.
DOGE concerned 50 fraud occasions
According to the report, until now round 50 such events have come below their scanner. These incidences concerned thousands and thousands of {dollars} worth of Dogecoin. It talked about the theft of round $119 million of DOGE linked with a Turkish Ponzi scheme in 2021. A pseudonym title “Turgut V” is believed to mastermind behind this incident.
As per reviews, Turgut and his associates managed to affect round 1500 DOGE holders to put money into their scheme. They promised buyers a 100% return in simply 40 days. It added that the fraudster satisfied buyers through Zoom calls and luxurious conferences. The pseudonym managed to assemble over 350 million Dogecoin which is valued at round $119 million at the moment.
Elliptic Connect talked about that the launch of the Dogewallet has additionally resulted in hacking associated actions. However, it additionally highlighted the Plus Token Ponzi scheme. As per reviews, the Chinese authorities seized around 6 billion DOGE tokens. Meanwhile, round $4.2 billion value of digital property together with Bitcoin and Ethereum had been grabbed by the police.
Elon Musk accused of selling Dogecoin
Meanwhile, self claimed Dogefather, Elon Musk got sued for round $258 billion by a DOGE investor. Tesla Chief has been accused of operating a pyramid scheme to run the Dogecoin. The criticism mentions that Musk, Tesla Inc and SpaceX promoted the crypto to pump its worth.
Musk has been an enormous promoter of the DOGE. Every time he makes any remark associated to the token, it worth jumps. The current announcement of the Twitter deal made the crypto pump. The plaintiff needs to dam musk and his companies from selling Dogecoin to revenue from its buying and selling.
The Dogecoin is buying and selling at a median worth of $0.0641, on the press time.
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